Borrower Requests for Property Removal Clause Samples
Borrower Requests for Property Removal. From time to time the Borrower may request, subject to the provisions of Section 8.12., upon not less than fifteen (15) days prior written notice to the Administrative Agent (or such shorter period as may be acceptable to the Administrative Agent), that any Property (if then an Eligible Property) be removed from inclusion as an Eligible Property for purposes of this Agreement, which removal (the “Property Removal”) shall be effective upon the satisfaction or waiver of the following conditions:
(i) The Administrative Agent shall have received a pro forma Compliance Certificate, certifying, among other things, the Borrower is in compliance with the covenants contained in this Section 4.2.(a) and Section 10.1., in each case on a pro forma basis both immediately prior to and after giving effect to such Property Removal, dated as of the date of the proposed Property Removal;
(ii) No Default or Event of Default exists and is continuing or would exist immediately after giving effect to such Property Removal;
(iii) All representations and warranties in the Loan Documents are true and accurate in all material respects (except that, to the extent any representation or warranty is qualified by materiality or Material Adverse Effect or similar language, such representation or warranty shall be true and correct in all respects) at the time of such Property Removal and immediately after giving effect to such Property Removal, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects (except that, to the extent any such representation or warranty is qualified by materiality or Material Adverse Effect or similar language, such representation or warranty shall have been true and correct in all respects) on and as of such earlier date); and
(iv) At least 75 Properties shall be Eligible Properties at all times prior to the Facility Termination Date.
Borrower Requests for Property Removal. The Borrower may voluntarily remove any Real Estate from the calculation of theUnencumbered Pool Availability in its sole discretion, by delivering to the Administrative Agent, no later than five (5) Business Days prior to the date on which such removal is to be effected, notice of such removal, together with a statement that no Default or Event of Default then exists or would, upon the occurrence of such event or with passage of time, result from such removal, the identity of the PoolUnencumbered Property being removed, and a calculation of the value attributable to such PoolUnencumbered Property. Simultaneously with the delivery of the items required pursuant above, the Borrower shall deliver to the Administrative Agent a pro forma Compliance Certificate and Pool Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the covenants contained in ARTICLE VI.
Borrower Requests for Property Removal. The So long as no Default or Event of Default exists before or after giving effect thereto, Borrower may voluntarily remove any Real Estate from the Unencumbered Pool in its sole discretion, by delivering to the Administrative Agent, no later than five (5) Business Days prior to the date on which such removal is to be effected, notice of such removal, together with a statement that no Default or Event of Default then exists or would, upon the occurrence of such event or with passage of time, result from such removal, the identity of the Unencumbered Property being removed, and a calculation of the value attributable to such Unencumbered Property. Simultaneously with the delivery of the items required pursuant above, the Borrower shall deliver either (i) a Compliance Certificate delivered pursuant to Section 5.1(c), or (ii) a Compliance Certificate prepared using the financial statements of the Borrower most recently provided or required to be provided to the Administrative Agent a pro forma Compliance Certificate under Section 5.1 prepared on a pro forma basis and adjusted to give effect to such removal of such Real Estate as an Unencumbered Property, in either case demonstrating, after giving effect to such removal or disqualification, compliance with the covenants contained in ARTICLE VI.
Borrower Requests for Property Removal. The Borrower may voluntarily remove any Real Estate from the calculation of the Pool Availability in its sole discretion, by delivering to the Administrative Agent, no later than five (5) Business Days prior to the date on which such removal is to be effected, notice of such removal, together with a statement that no Default or Event of Default then exists or would, upon the occurrence of such event or with passage of time, result from such removal, the identity of the Pool Property being removed, and a calculation of the value attributable to such Pool Property. Simultaneously with the delivery of the items required pursuant above, the Borrower shall deliver to the Administrative Agent a pro forma Compliance Certificate and Pool Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the covenants contained in ARTICLE VI.
Borrower Requests for Property Removal. The Borrower may voluntarily remove any Real Estate from the Unencumbered Pool in its sole discretion, by delivering to the Administrative Agent, no later than five (5) Business Days prior to the date on which such removal is to be effected, notice of such removal, together with a statement that no Default or Event of Default then exists or would, upon the occurrence of such event or with passage of time, result from such removal, the identity of the Unencumbered Property being removed, and a calculation of the value attributable to such Unencumbered Property. Simultaneously with the delivery of the items required pursuant above, the Borrower shall deliver to the Administrative Agent a pro forma Compliance Certificate demonstrating, after giving effect to such removal or disqualification, compliance with the covenants contained in ARTICLE VI.